BY AMJAD YOUSAF ZAI
WAH CANTT: The Rawalpindi Chamber of Small Traders and Small Industries (RCSTSI) has emphasized the vital role of Small and Medium Enterprises (SMEs) in driving Pakistan’s economic growth and prosperity. Speaking at a press conference in Wah Cantt on Friday, Senior Vice President Naeem Ashraf highlighted the need for rapid growth in the SME sector to overcome the country’s economic challenges and achieve sustainable development. His press conference was in connection to mark World MSME Day as announced by the United Nations Organization on June 27, acknowledging the significant contributions of Micro, Small, and Medium-sized Enterprises (MSMEs) globally. To support small and medium businesses, he called for a range of facilities and incentives, Interest-free loans to alleviate financial burdens, Training programs to enhance entrepreneurial skills, Fixed taxes to simplify compliance, Easy and one-window startup facilities to streamline processes, access to affordable technology and innovation hubs, Mentorship programs with industry experts, Incubation centers for startups, Tax exemptions and subsidies for SMEs, Simplified regulatory procedures, Access to international markets and trade missions. Mr Ashraf has also stressed the need for a single window facility in all main cities, providing SMEs with access to all necessary facilities under one roof, promoting ease of doing business and reducing bureaucratic hurdles. He said that the current government’s vision for SME development aligns with the Chamber’s goals, aiming to create an enabling business and investment environment with ease of tax and regulatory compliance, and easy sustainable access to credit. The government should also focus on promoting industrialization, innovation, enterprise development, and export growth, recognizing the critical role of SMEs in achieving these objectives. Mr Ashraf has urged all chambers of small traders and small industries in Pakistan to work together to formulate policies that benefit SMEs and contribute to the country’s economic growth and sustainability. By fostering collaboration and coordination, the RCSTSI aims to create a supportive ecosystem for SMEs to thrive. He stated that the RCSTSI has also recommended including “Entrepreneurship” in the National Curriculum of Pakistan for grades 07-12, promoting entrepreneurship culture in society from an early age and inspiring the next generation of entrepreneurs and innovators.
“Women and youth are also a key focus of SME development, with initiatives aimed at empowering these groups to contribute to the country’s economic growth and become active participants in the SME sector”, he added. He was of the view that by promoting SME development, Pakistan can unlock its economic potential, drive growth, innovation, and prosperity, and join the global community of SMEs, making a significant impact on the national economy and improving the lives of citizens.
